Citigroup Says Credit Trading Executive David Cohen to Leaveby
Amit Raja will take over high-yield trading in EMEA region
Cohen will run investment-grade trading until end of June
Citigroup Inc. said David Cohen, head of flow-credit trading in its European region, is leaving the bank after six years.
Cohen will continue to manage the bank’s investment-grade trading desk until the end of June, according to an internal memo. Amit Raja will lead high-yield trading in Europe, the Middle East and Africa, in addition to his roles as global head of distressed trading and regional head of par loan trading, according to the memo.
Citigroup generated $3.1 billion in revenue from fixed-income trading globally in the first quarter, second only to JPMorgan Chase & Co. among the largest banks, according to data from Bloomberg Intelligence. Combined debt trading revenue fell 29 percent in the quarter at nine of the largest firms, part of a multi-year decline as the business faces headwinds from skittish investors and new rules.
Cohen was named to the EMEA post in 2014 and had previously led U.S. investment-grade debt trading at New York-based Citigroup. He spent more than 20 years at Morgan Stanley, followed by stints at Mitsubishi UFJ Securities USA Inc. and Calyon Securities USA Inc. before joining Citigroup, according to Financial Industry Regulatory Authority records.
“Under David’s leadership in EMEA, our flow-credit trading business continued to grow into a top-three franchise,” executives including Brian Archer, who leads global credit trading, said in the memo.